Limit orders are functionalities that minimize the risks of your positions.
What are they?
Take Profit and Stop Loss are orders tied to your position that allow you to secure it. With Take Profit, you can set the price at which you want to close the deal and take the profit. Stop Loss will help control your losses in case of an error. Also, it will only allow you to lose what you are planning to.
We received a lot of feedback from users and tried to take into account all the comments. You no longer have to place separate orders, monitor their execution, or be afraid to open an opposite position. Everything is taken into account — the Take Profit and Stop Loss functionalities will make trading more convenient and help you avoid unnecessary losses!
On the EXMO margin platform, you can set Take Profit and Stop Loss levels in three ways:
- Amount of profit/loss.
- Price level.
- Price change in %.
Take Profit and Stop Loss are orders tied to your position that allow you to secure it.
When you enter data into one of the options, the other two are automatically recalculated. For example, setting a price level will immediately show the projected profit or loss. You will also see how much the price should rise or fall.
How to activate Take Profit and Stop Loss?
- To place an order with TP/SL orders, simply activate the switch above the Buy/Sell buttons, enter the desired parameters, and click Buy or Sell.
- In order to open a position with TP/SL, you need to take the first step and wait for the order with TP/SL to be executed. To instantly open a position with TP/SL, you need to use a market order, specifying the TP/SL parameters.
- In order to add TP/SL to an existing position, you need to click on the edit button in the corresponding position, specify the required parameters, and click the “Update” button.
- In order to add TP/SL to a placed order, you need to click on the edit button next to the corresponding order.
How do Take Profit and Stop Loss work?
- TP/SL permanently closes the entire position size. This means that, if you reduce the position or average, TP / SL will close the entire position, it will never open an opposite position. Also, this functionality will not leave part of the position “hanging”.
- When one of the TP/SL orders is triggered, the other TP/SL order will be automatically canceled. Other limit orders will not be canceled; TP/SL can only cancel each other.
